Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M
A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Avenue in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price…
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Developer Michael Shvo’s plans for a Norman Foster-designed Class A office project on Alton Road moved forward on Tuesday, after a Miami Beach board voted in favor of transferring city land to the developer. Shvo’s proposal… 250,000-square-foot development on the site of the long-shuttered Epicure… at 1656, 1664, 1676 and 1680 Alton Road…
Robert Wennett sells warehouse complex near Miami Produce Center for $11M
Robert Wennett sold a warehouse complex near his Miami Produce Center redevelopment site in Miami’s Allapattah for $10.5 million. An affiliate of Accesso Partners bought the 35,908-square-foot, multi-tenant industrial warehouse at 1335 Northwest 21st Terrace, according to a press release. The deal breaks down to $292 per square foot…
Lease roundup: The Gateway at Wynwood scores three new tenants
Ripple, Victory Polymers I The Gateway at Wynwood I Miami R&B Realty Group scored three new tenants at its Gateway at Wynwood office building. Victory Polymers, a Houston-based provider of Spray Polyurethane Foam insulation products, took 4,000 square feet at the 13-story building at 2916 North Miami Avenue, R&B said in a news release. San Francisco-base…
Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Allapattah
A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th Street in…
Miami-Dade urges feds to push down loan interest on farmland
County commissioners are urging the Biden administration and the US Department of Agriculture to act to lower interest rates on loans for the purchase of land for agricultural use. The request came only one day before the Feds announced a record .75 percentage point increase in interest rates to slow the economy and put brakes on inflation. A resolution sponsored…
60-story residential tower for Edgewater rejected
In a rare move, Miami’s Urban Development Review Board has rejected a 60-story mixed-use residential tower proposed for Edgewater. On a vote of 5 to 1, the board voted to recommend denial of the project to the city’s planning director. Board members voiced many concerns regarding the planned traffic and pedestrian circulation of the planned skyscraper…
Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami
Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s…
JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the…
Success of Miami hotels a barrier to international groups
International group travel to Miami is facing the challenge of high room rates caused by the area’s success as a leisure destination. High prices for hotel blocks in the travel group business and long delays in visa processing are slowing growth of sales for international groups, says David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau.
Town of Surfside sued after approving project next to aging condo building
The town of Surfside is facing a lawsuit over its approval of a luxury oceanfront development next to the aging Carlisle on the Ocean condos, reflecting fears of construction near old buildings that have rippled through the community in the year since the deadly collapse of Champlain Towers South. Shannon Gallagher, a Carlisle…
Preservation board approves NY developers’ South Beach office project
Developers Sumaida + Khurana and Bizzi & Partners can move forward with their Miami Beach office project after receiving the green light from the city’s historic preservation board. The joint venture between the two New York-based firms is planning a five-story office building with 3,125 square feet of ground-floor retail…
Miami board OK’s Beckham stadium design, complex master plan
David Beckham’s proposed Major League Soccer stadium and surrounding mixed-use development just cleared another hurdle. The Miami Urban Development Review Board on Wednesday approved designs for the 25,000-seat stadium and nearly 5,000-car parking garage, as well as the master plan for the broader project, which includes a hotel, offices and a public…
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
It’s back to the drawing board for Aimco, after a city of Miami board denied recommending approval of its plans for a luxury rental tower in Edgewater. Miami Urban Development Review Board members voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower, after finding a number of “major issues…”
Business partners, key employees and shareholders all have certain obligations and requirements they owe to one another, and to a business. Basically, all of these individuals commit to making decisions that first and foremost benefit the company, without regard to the potential impact that it may have on them personally. In short, this means that they are…
Swire, Stephen Ross’ Related plan Florida’s tallest commercial tower in Miami’s Brickell
For the second phase of Brickell City Centre, Swire Properties is teaming up with Stephen Ross to build one of the tallest towers in the Sunshine State. Swire, led by President Kieran Bowers, and Ross’ Related Companies announced a joint venture to develop One Brickell City Centre, an office tower that will rise 1,000 feet at 700 Brickell Avenue and 799 Brickell…
Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos
Ugo Colombo’s CMC Group and Morabito Properties nabbed a $64.5 million loan to complete construction of a waterfront luxury condominium in Bay Harbor Islands. Bank OZK provided the financing for the joint venture’s Onda Residences, a planned 41-unit, eight-story development at 1135 103rd Street, according to an emailed statement from Colombo, Miami-based…
Ares Management Pays $62M for 2 Miami Industrial Assets
Ares Management Real Estate has acquired Building 18 and Building 22, two industrial facilities under construction within Countyline Corporate Park in Hialeah, Fla., for a combined $62 million, according to Miami-Dade County records. The 360,845-square-foot Building 18 traded for $37 million, while the 213,907-square-foot Building 22 changed hands for $25 million…
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
TPA Group plans to build a mixed-use project with 350 rental apartments around its ongoing office development in Pembroke Pines. City commissioners voted Wednesday to rezone the 25-acre Edison Pembroke development site between I-75 and 145th Avenue just south of the Shops at Pembroke Gardens. Atlanta-based TPA Group has built a three-story…
Investor drops $31M for North Lauderdale shopping center
A North Miami Beach investor beefed up his South Florida retail portfolio with a $31 million purchase of a Broward County shopping center. Two entities managed by Alberto Dayan bought Arena Shoppes at 7296 West McNab Road in North Lauderdale, records show. The entities obtained a $20.7 million mortgage from FirstBank Puerto Rico. Paul Ahmed…
Bridge Industrial plans a logistics facility between Fort Lauderdale-Hollywood International Airport and Port Everglades, marking the company’s unceasing investment in South Florida’s industrial market. The Chicago-based company paid $20 million for the 22.4-acre property at 2200 Northeast Seventh Avenue in Dania Beach in an off-market deal…